Sumitomo Trust loses claim

Tokyo court ruling
follows long battle
with the former UFJ

TOKYO -- Tokyo District Court ruled in favor of the former UFJ Holdings Inc. in a prolonged court battle with Sumitomo Trust & Banking Co. over a failed agreement to form a business alliance.

The regional court rejected the trust bank's claims for compensation against the former UFJ. The ruling recognized UFJ's responsibility for breaking up the deal, but it turned down Sumitomo Trust's claims for compensation.